04 Jan 2011

Democrats Increase National Debt $1 Trillion in 7 Months

, , ,

CBS:

The latest posting today of the National Debt shows it has topped $14 trillion for the first time.

The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.

It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February.

The federal government would have to stop borrowing and might even default on its obligations if Congress fails to increase the Debt Ceiling before the limit is reached.

Some Republicans in the new Congress have said they’ll seek to block an increase in the Debt Ceiling unless a plan is in place to significantly reduce federal spending and unfunded government liabilities on entitlement programs such as Social Security and Medicare.

StumbleUpon.com
2 Feedbacks on "Democrats Increase National Debt $1 Trillion in 7 Months"

SDD

This debt would not be nearly so problematic if it been incurred to support economically productive activities. But it was largely devoted to a festival of pork and to keep state governments from having to come to grips with their huge budget deficits.



ThomasS

I thinks it an anticipatory repudiation of the Baby Boomer’s retirement expectations. We can’t cut them by 1% w/o outrage, but we can inflate and devalue them by 13% for 3 or 4 years and still pretend to have “kept our promises.”

Which is about right. Our gov’s promises are a 50/50 proposition or perhaps the Monkey’s Paw would a better analogy.



Comments

Please Leave a Comment!




Please note: Comments may be moderated. It may take a while for them to show on the page.












Feeds
Entries (RSS)
Comments (RSS)
Feed Shark